Financial Performance - Total revenue for the year ended December 31, 2024, was approximately RMB 5,258.9 million, a decrease of 3.2% from RMB 5,431.0 million in 2023[3] - Gross profit for the year was approximately RMB 1,739.3 million, with a gross margin of 33.1%, compared to a gross profit of RMB 940.9 million and a margin of 17.3% in 2023[3] - Profit attributable to equity holders of the parent company was approximately RMB 646.7 million, a significant recovery from a loss of RMB 783.3 million in 2023[3] - The net profit turned positive, amounting to approximately RMB 624.9 million, with profit attributable to equity holders of the company at approximately RMB 646.7 million[10] - The pre-tax profit for the group was RMB 640,893,000 in 2024, down from RMB 744,375,000 in 2023, indicating a decline of about 14%[68] - The total income tax expense for the year was RMB 101,311,000 in 2024, compared to a tax credit of RMB 126,175,000 in 2023[71] - Basic and diluted earnings per share were RMB 0.44, compared to a loss per share of RMB 0.53 in 2023[34] Revenue Breakdown - The sales revenue from the formulation business was approximately RMB 2,986.1 million, with a gross margin of 31.8%, compared to RMB 2,979.0 million and a margin of 43.1% in 2023[3] - The API business generated sales revenue of approximately RMB 1,065.7 million, with a gross margin of 38.6%, compared to RMB 1,307.3 million and a margin of -42.8% in 2023[3] - The CDMO business reported sales revenue of approximately RMB 1,033.8 million, with a gross margin of 32.9%, up from RMB 967.0 million and a margin of 22.0% in 2023[3] - The Heparin value chain business generated sales revenue of approximately RMB 4,051.8 million, a year-on-year decrease of about 5.5%[12] - The group's API business sales revenue was approximately RMB 1,065.7 million, a year-on-year decrease of about 18.5%, while sales volume increased by approximately 10.8% compared to the same period in 2023, with a gross margin of approximately 38.6%[15] - CDMO services revenue increased by 6.9% to approximately RMB 1,033.8 million, contributing 19.7% to total revenue[26] Asset and Liability Management - Non-current assets totaled RMB 7,722.3 million, a decrease from RMB 8,599.1 million in 2023[6] - Current assets decreased to RMB 9,621.3 million from RMB 10,604.3 million in 2023, primarily due to a reduction in inventory[6] - Current liabilities decreased to RMB 3,699.2 million from RMB 4,986.2 million in 2023, reflecting improved liquidity management[6] - Total assets as of December 31, 2024, were approximately RMB 17,343.5 million, compared to RMB 19,203.4 million in 2023, with a debt-to-asset ratio of about 29.6%[40] - The total liabilities for the year ended December 31, 2024, were RMB 5,141,403,000, down from RMB 7,215,040,000 in 2023, reflecting a reduction of approximately 28.73%[54][56] Cash Flow and Financing - The company's cash flow from operating activities increased by approximately 451.0% to about RMB 2,194.1 million, compared to approximately RMB 398.2 million in 2023[9] - Financing costs decreased by approximately RMB 82.9 million to about RMB 145.2 million, a reduction of about 36.3% compared to RMB 228.1 million in 2023[30] - Cash and bank balances as of December 31, 2024, were approximately RMB 1,421.8 million, down from RMB 1,765.6 million in 2023[36] - Interest-bearing bank and other borrowings amounted to approximately RMB 3,448.2 million as of December 31, 2024, down from RMB 5,434.6 million in 2023[42] Dividends and Shareholder Information - The board proposed a final cash dividend of RMB 2.5 per share, with a payout ratio of 56.7%, compared to no dividend in 2023[3] - Proposed final dividend for 2024 is RMB 0.25 per share, totaling RMB 366,824 thousand, compared to no dividend in 2023[75] - The annual general meeting for the year 2024 will be held on May 22, 2025, with a notice to be published in due course[86] Research and Development - The group incurred research and development costs of RMB 212,036,000 in 2024, an increase of 16% from RMB 182,433,000 in 2023[68] - The candidate drug H1710 received approval for clinical trials from the National Medical Products Administration, indicating progress in the development of a new cancer treatment[18] - Oregovomab, a candidate drug for advanced ovarian cancer, is undergoing patient survival follow-up after a mid-term analysis of its Phase III clinical trial did not meet expected goals[19] - AR-301, a monoclonal antibody targeting Staphylococcus aureus, has received Fast Track designation from the FDA and orphan drug status from the EMA, with plans for a second Phase III study based on promising data in specific patient groups[20] Market Strategy and Operations - The company is focusing on enhancing its business capabilities and operational quality while optimizing its business structure to improve sales growth and operating profit[9] - The company plans to continue its globalization strategy, deepening its market presence in Europe, China, the United States, and other non-European and American markets[9] - The group is actively adjusting market strategies to cope with competitive pressures, focusing on maintaining price systems and enhancing product competitiveness[15] - The group is expanding its market coverage and deepening existing customer relationships while actively developing new customer bases in the CDMO sector[16] Compliance and Governance - The audit committee reviewed the consolidated annual performance for the year ending December 31, 2024, and confirmed compliance with relevant accounting standards and regulations[90] - Ernst & Young confirmed that the financial figures in the preliminary announcement align with the consolidated financial statements for the year ending December 31, 2024[91] - The company has not made any significant acquisitions or disposals of subsidiaries, associates, or joint ventures during the reporting period[81]
海普瑞(09989) - 2024 - 年度业绩